12th Dec 2019 15:42
(Alliance News) - Windar Photonics PLC on Thursday said it has raised GBP1.4 million through the placing of 5.1 million shares at 27.5 pence per share.
Windar develops technologies that optimise the energy output of wind turbines.
It said said the proceeds from the placing will be used to strengthen its balance sheet.
Shares in Windar were down 9.1% on Thursday afternoon in London at 25.00 pence per share.
Following admission of the placing shares, the company will have 49.6 million shares.
Chief Executive Jorgen Korsgaard Jensen commented: "I am pleased to announce this subscription and the strong support from both new and existing shareholders and from our financial advisers West Hill Capital. Initially the company initiated a capital raise of GBP 1.0 million but the strong support resulted in an oversubscription of 40%."
By Ife Taiwo; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Windar Photo